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(Bloomberg) — S&P 500 Index futures rise 0.3% as of 7:35 a.m. in New York as optimism around artificial intelligence, lower oil prices and easing bond yields drives bullishness.
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- Nasdaq 100 futures are up 0.7%
- Dow Jones Industrial Average futures are up 0.2%
- The MSCI World Index is little changed
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Here are some of the biggest US movers today:
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- Magnificent Seven stocks are mixed early Wednesday:
- Tesla (TSLA) +2.3%, Nvidia (NVDA) +0.7%, Apple (AAPL) +0.1%, Amazon (AMZN) -0.2%, Alphabet (GOOGL) -0.6%, Microsoft (MSFT) -0.7%, Meta Platforms (META) -0.7%
- Bath & Body Works (BBWI) rises 12% after it reaffirmed its adjusted earnings per share forecast for the full year and said CFO Eva Boratto will step down from her role effective June 12.
- Dycom Industries (DY) rises 21% after it reported contract revenue for the first quarter that beat the average analyst estimate.
- Energy stocks (KOS -2.1%, DINO -0.9%) received mixed rating changes at Mizuho as it sees oil prices taking until 2027 to normalize even if the Middle East conflict is resolved in June, while gas prices aren’t expected to see as much of a lasting uplift.
- FedEx Corp. shares (FDX) rise 1.6% after JPMorgan raised its recommendation to overweight from neutral as it sees improvements at FedEx’s legacy business ahead of a separation from freight.
- GXO Logistics Inc. (GXO) rises 2.2% after Barclays raised its recommendation to overweight from equal-weight on improving margins.
- PDD ADRs (PDD) fall 8% after it reported revenue for the first quarter that missed the average analyst estimate.
- Semtech shares (SMTC) are up 10% after the semiconductor device company reported first-quarter results that beat expectations and gave an outlook that is seen as positive.
- Shares in rocket, space and satellite communications companies (RDW +14%, LUNR +13%) are rallying, set to extend recent gains as the sector has advanced since SpaceX filed publicly for what stands to be the largest-ever initial public offering.
- Shares in semiconductor and chip equipment companies (POWI +8.9%, MRVL +5.8%) are rising again as the breakneck surge in the sector intensifies, sending the market capitalizations of SK Hynix and Micron Technology above $1 trillion.
- Verra Mobility (VRRM) shares tumble 54% after the mobility software company cut full-year adjusted EPS guidance below analyst estimates and said Avis Budget had terminated its contract, prompting at least three analyst downgrades.
- Winnebago Industries shares (WGO) are down 0.8% after Citi analyst James Hardiman cut his recommendation on the RV maker to neutral from buy.
- Zscaler (ZS) shares sink 25% after the security software company gave a fourth-quarter revenue forecast that was weaker than expected.
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